China's petroleum and chemical industry is projected to will grow steadily and rapidly in 2008, as per CPCIA (China Petroleum and Chemical Industry Association). The main economic indexes will continue their double digit growth, a a marginally lower rate than witnessed in 2007. Gross production of this sector in 2008 is estimated to grow approximately 18%, the sales revenue will increase by 20% and profits will rise by 19%.
In 2008, China will produce 11.5 mln tons of ethylene, 60 mln tons of chemical fertilizers, 76 bln cubic meters of natural gas and 189 mln tons of crude oil in 2008. Guaranteeing a sufficient supply to meet the domestic demand is the most important target for domestic petrochemical firms.